Suddenly a smile means the world. The daily routine become more hectic. Hearts beat faster. In the midst of all this happiness, you must still not forget to provide sufficient protection for your offspring. We will show you which insurance you need for your baby to establish the basis for a self-determined life at an early stage.

Not all of the following insurance policies are mandatory, but they are worth considering. We provide an overview of health insurance for your offspring and why families should also take a closer look at life, household contents and personal liability insurance.

Health insurance for babies (mandatory)

Even a new baby needs mandatory health insurance (basic insurance). The baby will need check-ups and vaccinations, which are covered by the basic insurance.

You should note the following points: A baby does not have to be registered with the mother's insurance provider. It’s up to you to decide which health insurer is best for your child. You have up to three months after the birth to take out health insurance for your baby. If you fail to do so, you will have to pay for all costs incurred until you take out insurance.

Supplementary health insurance for babies

Not only adults, but also babies can benefit from the extra cover provided by supplementary insurance. At the same time, babies can also be turned down for supplementary cover. Unlike with basic insurance, health insurers are entitled to reject applications for supplementary cover. That could happen if, for example, your baby has an illness from birth. If, on the other hand, your baby is already registered with a health insurer before the birth, the insurer is obliged to provide cover – with no medical examination.

You should note the following points: inquire prior to the birth about supplementary insurance policies that are important to you and your baby. Conclude the cover before the baby is born, thus preempting any potential acceptance issues.

Protection in the event of disability

We only want the best for our children, especially regarding their health. However, it’s unfortunately a fact of life that children can fall seriously ill or have an accident. Disability in children and adolescents often stems from congenital defects, i.e. health problems that were already present at birth.

You can take out insurance for lump-sum disability benefit for your child – through your supplementary insurance with the health insurance company, or alternatively as a risk policy with an insurer. The money will provide additional support for you and your child, for example with converting your apartment, which the IV (disability insurance) does not pay.

You can also take out disability insurance. If your son or daughter later becomes fully or partially unable to work, he or she will receive a pension.

You should note the following points: if you decide to take out risk insurance for your child, you should ensure it doesn't just cover accident but also illness, which is much more common.

You should also think of the following as a family:

Take out life insurance

Life insurance is particularly suitable for families with children who wish to be covered in the event of illness or death. Life insurance can cover fixed costs, such as mortgage interest or rent as well as maintenance for the family. Single parents are also well advised to make out a detailed retirement savings plan to have financial security in the future. 

If you add your child as a beneficiary of your life insurance, he or she will, for example, receive the savings capital at the age of majority. The advantage over a bank account: the waiver of premium means premiums will continue to be paid if you become disabled. Your child will also receive a lump-sum payment in the event of death. If the savings account or fund-based savings plan is in the name of your child, the child may use it independently from the age of 18. The sum of an insurance policy is paid out on the contractually agreed date.

Adjust your household contents insurance

Household contents insurance covers damage to household contents, provided it was caused by fire, water or burglary. Although household contents insurance is not mandatory in Switzerland, we strongly recommend it. Even before your baby is born, there are many costly purchases to make, such as furniture for the nursery, prams or clothing. We wouldn’t wish it on anyone – but if you are caught off guard by fire, water damage or burglary without being insured, it can be expensive.

You should note the following points: if you (the parents) already have household contents insurance, please make sure to adjust the sum insured to reflect the new purchases made for your child. If the sum insured is lower than the actual value of your household contents, you are underinsured. This can lead to unpleasant consequences for the policyholder in the event of a claim: as a general rule, the benefit is reduced proportionally to the underinsurance.

Take out personal liability insurance

If your child is out exploring, there is always the possibility of a mishap occurring. In case of doubt, personal liability insurance covers damage caused by you or your baby to items belonging to a third party.

You should note the following points: liability insurance is not mandatory in Switzerland. However, it is highly recommended, just like household contents insurance. After all, you are liable if you do harm to someone, whether intentionally or not.

Source: Unsplash, Isaac Quesada

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